Replying to Avatar Cody

Who generates these keys? Could the generator keep a copy for themselves? Where are the keys that belong to the user stored? It seems the user only has 12 mnemonic words, which aren’t the actual keys used for the multisig.
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HoloKat 2mo ago

This sounds like a contradiction. No ledger, but keeps a record. Is that not a ledger then? 🤨

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Cody 2mo ago

Here’s my rough understanding, please correct me if I’m wrong:

Bob deposits funds into a Bitcoin address that’s controlled via multisig, with ownership held by Bob and Spark. When Bob wants to send funds to Alice through Spark, Spark generates new key shares and discards the old ones, and gives the new shares to Alice. Since Bob can no longer use the old shares on their own, ownership is logically transferred to Alice and Spark.

So, in theory, Spark doesn’t need to maintain a ledger. Whether it actually keeps any record, I’m not sure.